An Event Is Considered Unusual If the Probability of Observing

question 34

Multiple Choice

An event is considered unusual if the probability of observing the event is

• A) less than 0.05
• B) less than 0.025
• C) less than 0.10
• D) greater than 0.95

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Definitions:

Trust Fund

A legal entity created to hold assets for the benefit of specific individuals or organizations, managed by a trustee.

Hold-Back

The retention of a part of the contract price by the owner as required under construction lien legislation to ensure payment of subcontractors and suppliers of materials.

Suppliers Of Goods And Services

Entities or individuals that provide the market with products or perform tasks as a business.

Property Owner

The individual or entity that holds legal title to or ownership of a property, including real estate or personal property.